OpenAI's tender offer to allow employees to sell shares to outside investors is still on track for January 2024, despite recent leadership changes. The tender offer is being led by Josh Kushner's Thrive Capital. It will value OpenAI at around $86 billion, which is 3 times OpenAI's previous funding round in April 2022, that valued the company at $28 billion. The tender offer was temporarily jeopardized by Sam Altman's removal as CEO earlier this month, but his return to the role has cleared the way for it to proceed. Microsoft, which owns a 49% stake in OpenAI, will have a non-voting board observer seat but is not participating in the tender offer. Major investors like Tiger Global and Seh-coi-ya Capital also may not participate.
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00:00 Benzinga and here's what's on the block. OpenAI's tender offer to allow employees to sell
00:05 shares to outside investors is still on track for January 2024 despite recent releadership changes.
00:10 The tender offer is being led by Josh Koshner's Trive Capital and will value OpenAI at around $86
00:16 billion, which is three times OpenAI's previous funding round in April 2022 that valued the
00:21 company at $28 billion. The tender offer was temporarily jeopardized by Sam Altman's removal
00:26 as CEO earlier this month but his return to the role has cleared the way for this to proceed.
00:31 Microsoft, which owns 49% in OpenAI, will have a non-voting board observer seat but is not
00:37 participating in the tender offer. Major investors like Tiger Global and Sequoia Capital may also
00:43 not participate. For all things money visit Benzinga.com